a The unadjusted trial balance of The Good Spa showed, among others, Medical Supplies 6 Shiena Mortel started a new publication called The Good News. On May 1, a subscriber paid P1,200 for 12 monthly issues which Mortcl credited to Advances from Subscribers upon receipt of cash. She sends magazines January through December cach of these subscribers every month from Instruction: Make two entries a) to record the collection on May 1 and b) to record the adjustment at the end of December 7. Fantastic Designs does interior decorations for clients. Its general ledger accounts as at December 31, 2018 showed, among others, two accounts: Uneared Service Fees Service Fee Revenues Debit Credit Debit Credit P35,000 P100,000 The advance collection came from two clients: Ms Rose Monson, P15,000 and Mr. MJ. P20,000. As at December 31 the job for Ms. Monson is still unfinished Instructions: Prepare the entry to adjust the uncarned revenue and recognize Service Fees Revenue the MJ account b. Post the adjustment and determine the balances that should go to the income statement and to the statement of financial position KC Modeling Agency gave to De Leon Realty an advance payment of P60,000 for rent of an office space which was good for six months. Two ledger accounts appear below: Rent Expense Prepaid Rent Debit Credit Debit Credit Oct 31 60,000 Instruction: a) Make the entry to adjust the ledger accounts affected as at December 31, end of its accounting period. b) Post your entry. How much should be reported in the income statement and in the statement of financial position? and total Medical Supplies used up for the past months. Ledger postings showed following Medical Supplies Medical Supplies Expense Debit Credit Debit Credit Jan, 1 11,500 June 4 35,000 Dec. 125,500 a On December 31, end of the accounting period, P15,500 are still on hand Make the adjusting entry on December 31 for the medical supplies used b. Post the adjusting entry and determine the adjusted balances to be presented in the income statement and the statement of financial position. 10. Global Advertising Company handles the advertising and promotion of various clients offering a credit term of 90 days. Its unadjusted trial balance on December 31, 2017, cad of its first ycar of operation, showed among others: Accounts Receivable, P 250,000 and Professional Fees, P 550,000 Among its transactions for the year 2018 are the following: a) Professional services rendered on account, P 600,000 b) Total collection of previous and current accounts, P500,000 c) An account of one of its custom who became insolvent was written off amountin to P25,000 Instructions a. Make entries to record the transactions for the year 2018 b. Record the adjustment for bad debts. c. Open two ledger accounts for Accounts Receivable, and Bad Debts Expense. Post entries made in a) starting with the opening balance and in b). d. Present the accounts in the statement of financial position and in the income statement